How mind-bogglingly crazy is it that several states—including my own New York—are considering bankruptcy? Of course, states don’t qualify for bankruptcy, but a move is afoot in Congress to create a kind of bankruptcy-like status for states. Bankruptcy for states would raise huge issues of sovereignty. It would throw the municipal bond market into chaos. […]
Tag Archives: bankruptcy
The Trib is dead; long live the Trib?
The first domino has fallen. The Tribune Co., publisher of what used to be some of America’s best newspapers and operators of 23 television stations, has filed for bankruptcy, citing nearly $13 billion in debt compared with $7.6 billion in assets. Let’s make book: Who’s next? Could it be McClatchy, the nation’s third-largest newspaper chain, […]
An honest-to-God advocate gets a top job
No, not on the national security team — get real. And not exactly a top job — her power as head of a panel. . . . extends a bit beyond the “bully pulpit” but falls far short of a veto over specific proposals or programs I speak of Elizabeth Warren, who, in a move […]
Countrywide CEO foregoes plush payoff package–but don't feel too sorry for him
By Martin Bosworth Why is this man smiling? Angelo Mozilo, the well-tanned and always smiling soon-to-be-ex-CEO of failed mortgage lender Countrywide, announced today that he would magnanimously give up his massive severance package for running his company into the ground and being bought out by Bank of America: “My primary focus today — as it […]
A housing bailout might be a boon, but Bush's housing bailout is a bust
By Martin Bosworth For those who don’t know, last week President Bush and Treasury Secretary Henry Paulson unveiled a “mortgage rescue plan” (NOT a bailout, they desperately stressed) that would enable qualifying homeowners to qualify for a five-year freeze of their mortgage at the current rate, preventing the rate from resetting into a payment they […]
Legacy of the bankruptcy bill: More foreclosures, financial meltdowns, and open corruption
By Martin Bosworth One of my first big battles as a consumer advocate was campaigning against the 2005 bankruptcy bill overhaul, which sadly passed despite all our best efforts. Looking back, I still can’t believe that Congress so willingly supported such a horrific bill that penalizes consumers and condemns them to indentured financial servitude simply […]
A college education should be a road to success, not a path to bankruptcy
This weekend George Bush did something so out-of-character that it seems impossible to believe–he signed into law new legislation that will actually benefit the American people. Specifically new laws that overhaul the corrupt and bloated student loan system: The law, which received overwhelming bipartisan support in Congress, will slash federal subsidies to private loan companies […]
S&R Honors
Click here to learn more about past honorees...- WordsDay: Postmodernist Xerism at it most discontentedly hopeful…
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Keen: Well, why are you looking up those guys...I have h…
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Lindsay Lohan to run for Congress? Why we should vote for her | Scholars and Rogues: […] Right now, it’s about $3 million. …
